There is already an information sharing agreement with China. It is included in the tax treaty between the U.S. and China. What remains is a FATCA agreement on bank accounts.

12:00 am March 27, 2014

Walugembe J. Paul wrote:

The poor and middle-class are again bound to suffer. They will be taxed on money losing property and thus their short-term comfortable life will be devastated. The rich will move their money and assets to other countries. There will never be a healthy relationship between a taxman and the rich.

1:17 am March 27, 2014

Lienier wrote:

Can the US taxman IRS put liens on oversea properties on Americans residing in Hong Kong, China, anywhere such as Canada, Italy or Russia, who do not pay in filing income tax returns? Some simply do not want to return due to many reasons!

6:34 am March 27, 2014

Kunshan Laowai wrote:

It's hard to see why the U.S. is even interested. China restricts capital inflows to $50,000 USD per year per foreign resident. And interest rates here are still rock bottom, and legal protections are only moderate. As such, there may be money hiding in China, but it's more likely hidden in real estate investments and such.

8:08 am March 27, 2014

Ron Greer wrote:

The United States, the only country that taxes the foreign-earned income of its citizens who work abroad. Totally absurd.

6:48 am March 30, 2014

Replier wrote:

Ron Greer, I don't think you understood what you are reading here. The US does have foreign earned income exclusion.

11:08 am April 2, 2014

fatcaman wrote:

Given the exemption for any government entity - read the big chinese banks - and the ridiculous loopholes in this mess of a law, there really isnt much of an incentive for China to sign. If it does it will be because it is getting something big in return, and it wont be the reciprocal information sharing.

11:11 am April 2, 2014

fatcaman wrote:

Also "The U.S. has said that financial institutions from countries who don’t sign onto a FATCA agreement will be subject to a 30% withholding tax from any of its U.S.-related business. For that reason, many banks and other financial companies are hoping their home governments sign on." is totally misleading. Banks worldwide are signing on irrespective of whether their country has signed an agreement, and will not get withheld upon, although many are also expecting a massive backlash against FATCA later in the year and complete chaos when it kicks off in July.

8:08 am April 6, 2014

Mark Donner wrote:

I would support any global refusal or backlash against FATCA. The US is so deluded into thinking it is more than a minor player in the world. It will soon get what it deserves, third world country status. It won't be able to support its campaigns of mass murder against weak sovereign countries with 18 trillion in debt. I would also support dropping the dollar standard.

2:35 am April 7, 2014

Bankman wrote:

I agree the US is deluded, and so is any other country that thinks you can force the ultra rich to pay tax!!! the only way to make rich people pay tax is to negotiate with them and reach an agreement that can benefit both the tax man and the tax payer. This is one of the reasons switzerland is such a rich country!
You can not expect rich people or anyone to pay 30% and more tax to cover the mistakes or aspirations of governments. This is just one more desperate attempt to stop the demise of the US economy, after creating all these ultra rich by letting them export their business to Asia creating unemployment in the US, the tax man shouldn't be surprised if they hide their money in Asia or that they are willing to give up their citizenship!
The ultra rich will always find a way to avoid tax payment as long as it is worth it, reduce the tax and it will not be worth it...

11:52 am June 21, 2014

Average Guy wrote:

Just find out who is the creator of this monster law. Obama + Eric Holder.

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